USAA Real Estate Co. brings in the cash

USAA Real Estate Co. exceeded expectations in raising money for a REIT. The company raised $450 million for the US Industrial REIT II, $50 million more than it had planned.

The fund is investing in distribution properties across the country, specifically properties over 250,000 square feet. Eventually, the trust will have $1.1 billion in investments. That’s a lot of distribution centers.

Currently, the fund’s portfolio has 17 assets totalling 8.5 million square feet. That’s as much space as 6.5 North Star Malls. None of the properties is in San Antonio, but there are assets in Dallas and Houston.

“We look forward to the successful completion of the investment and development period which is expected to be completed within the next 12 to 14 months,” said T. Patrick Duncan, president and CEO of USAA Real Estate Co., in a release.